APG Airsprung Group

TIDMAPG

RNS Number : 2898O

Airsprung Group PLC

15 September 2011

AIRSPRUNG GROUP PLC

("the Group")

AGM STATEMENT

The Chairman will make the following trading statement at the Annual General Meeting to be held today, Thursday 15 September 2011 at 12.30pm.

In the Chairman's statement accompanying the year-end Report and Accounts, I highlighted the difficult trading likely to be experienced by retailers in the second quarter and the expectation that our half-year profits would be down on last year's corresponding period.

Recent trading has indeed proved to be tough, with wide fluctuations in demand from week to week. The independents and larger multiple chains continue to suffer from a severe weakness in demand, which has affected all divisions of the Group. On the other hand, the Airsprung Beds business through major catalogue and internet retailers has stabilised, as our customers' new catalogues for Autumn/Winter 2011 have had a reasonably solid start. Airofreem, our foam conversion business, is performing ahead of budget. Gainsborough's sofa bed business has not been immune from national trends, but its traditional beds business has responded to a fresh look at ranges and a review of sales management. The Cavendish restructuring is proceeding on plan. Collins & Hayes performed strongly over the summer in the central London department stores but this has been against a weaker backcloth nationally.

In summary, operating profits for the first half year are likely to be little short of last year, before the costs of further redundancies and restructuring are taken into account.

With regard to the second half year, commencing October, the outlook is now somewhat more promising than I indicated in my earlier statement. Several of our operational projects are producing positive results and gross margins are under control. We have not yet reached a turning point in the economic cycle, but the second half year should produce profits that can be regarded as satisfactory in the current environment and we remain confident in the prospects for the Group as the economy recovers.

Stuart Lyons CBE

15 September 2011

For further information, please contact:

Airsprung 01225 779114

Tony Lisanti, Chief Executive

finnCap 020 7600 1658

Marc Young, Charlotte Stranner (Corporate Finance)

Simon Starr (Corporate Broking)

This information is provided by RNS

The company news service from the London Stock Exchange

END

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